Financing for your Jerr-Dan or Landoll purchase, new or used, is available with one of our first-rate national or regional lenders.  Simply print out a Credit Application by clicking on the link below, complete the Application (and the attached Financial Privacy Notice), and fax both pages to us at (919) 553-2468.  We want to work with you to make your purchase as easy as possible.  Still have questions?  Please call us at (919) 553-4038.

Eastern Wrecker Credit Application - Click Here

Frequently Asked Questions About Commercial Credit, Financing and Leasing for Tow Trucks, Rollbacks and Trailers

Do I need a down payment?  Probably.  If you have excellent credit, if have financed other similar commercial equipment before, and if have been in business for several years, a commercial lender may offer you a loan or lease with little or nothing down.  In most cases, commercial lenders do want some down payment--how much will depend on the particular lender and your credit history.

How about a lease--I've heard of leases with zero down--is that available on this kind of equipment?  Again, not really--not unless you have the years in business, very good credit, and existing comparable commercial credit that the lenders want to see.  We'll work with you to find your best deal, based on your individual credit.

Which is better, a loan or a lease?  That really depends on a wide range of things, and you may want to talk to your tax advisor about leases vs. loans--there are different advantages to each.  Even if you are more inclined to traditional loans, keep an open mind to both.  If your credit is challenged, you may find that some lenders are a little more inclined to offer you a lease.

Do I have to fill out a credit application?  Yes, we have to get a written application--that is part of the better consumer protection laws in place today.  A lot of times we can get a lender to consider your loan based on just the application.  Depending on how long you've been in business, etc., it is possible that a lender will request additional information.

What kind of rates are available?  This is almost impossible to answer, since it depends on your credit, what you are buying, the amount of money involved, and what the current bank rates are.  Our lenders offer the best rates available today.

How long can I finance my truck?  Again, the answer depends on many factors.  We often see 60 month terms on new trucks, sometimes 66 or 72 months.  Used equipment might qualify for anything from 24 to 60 months, depending on the lender.

Do you have financing available for new or start-up businesses?  Yes, we have some lenders willing to consider applications from businesses with less than 3 years in business.  Generally, the newer the business, the larger the down payment the lender will require--if you are just starting a business or have just gone into business in the last year or two, the lenders will probably want to see at least a 25% down payment.

Can I get a short term lease?  Can I just turn in the equipment at the end of the lease?  The financing and leases we see advertised for new cars and light pickup trucks is very different from the financing and leases offered for commercial and heavy duty equipment.  There are no short-term, temporary leases for towing and transport equipment, and at the end of the lease term there is usually a simple purchase agreement for a determined price--such as $1.00 or $101.00--and the equipment is yours to keep.  Always read and understand the terms of the loan or lease that you accept.

Do you send my credit information all over the world?  No, we do not.  Our approach is simple--we are going to treat your information like we would treat our own.  First, we'll take a look at your credit background so that we can determine which of our lenders will be the best match, then we start with that one.  Generally we approach lenders one at the time for you, not sending your information to several sources at once.  We want to get you the best deal possible while limiting the number of lenders who access your information.  If we see that we cannot help you, we'll let you know quickly.

How long does it take to get an approval?  These days, it varies a little.  If you have a good credit history and time in business, it may even be the same day.  More often, it can take a day or two.  If there are some credit issues, a lender may come back and request additional information to support the application, such as copies of business bank statements, etc.

Where do I find more information about starting my new business?  How do I form a corporation or LLC?  One great source of information in North Carolina is here at the North Carolina Department of Commerce website.  Another good source of information is the corporations division of the North Carolina Secretary of State website, where you can find information about starting your North Carolina corporation or LLC--it is much easier than you think.  If you are in a different U.S. state, check the website of your Secretary of State office.  Believe it or not, there is a lot of helpful infomation on the IRS website--really!  Canadian citizens may find helpful information at the Industry Canada website.

Remember--always read and understand the terms and conditions of your particular lease or loan.  Beware!  There are some unscrupulous lenders and equipment dealers out there in the world!